Section 10(1) in The Payment And Settlement Systems Act, 2007
(1)The Reserve Bank may, from time to time, prescribe--(a)the format of payment instructions and the size and shape of such instructions;(b)the timings to be maintained by payment systems;(c)the manner of transfer of funds within the payment system, either through paper, electronic means or in any other manner, between banks or between banks and other system participants;(d)such other standards to be complied with the payment systems generally;(e)the criteria for membership of payment systems including continuation, termination and rejection of membership;(f)the conditions subject to, which the system participants shall participate in such fund transfers and the rights and obligations of the system participants in such funds.
